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# Kiniksa's Semi-Finished Drug Stock Hits $76.2 Million As Samsung Takes Over Manufacturing
- URL: https://www.bullished.co/kiniksas-semi-finished-drug-stock-hits-76-2-million-as-samsung-takes-over-manufacturing-d19f65a9/
- Published: 2026-10-27T21:26:36.000Z
- Updated: 2026-10-27T21:26:36.000Z
- Description: Total ARCALYST inventory reached $112.7 million at September 30, up from $59.9 million at year-end, as sales climbed.
- Author: Matteo Parrino
- Tags: SEC Filings, KNSA, Industry: Healthcare

[Kiniksa Pharmaceuticals](https://www.bullished.co/tag/knsa/), which sells the heart-inflammation drug ARCALYST, now holds [$112.7 million of inventory](https://www.sec.gov/Archives/edgar/data/0001730430/000110465926119186/knsa-20260930x10q.htm?ref=bullished.co), up from $59.9 million at December 31, according to its 10-Q filed Tuesday. Semi-finished goods account for most of the build, rising to $76.2 million from $29.4 million.

## A line that more than doubled in a quarter

Semi-finished goods stood at [$34.2 million](https://www.sec.gov/Archives/edgar/data/0001730430/000110465926087545/knsa-20260630x10q.htm?ref=bullished.co) at June 30, so that line more than doubled in three months. Total inventory was $76.0 million then. Raw materials rose to $15.3 million from $10.0 million at year-end, while finished goods edged up to $21.1 million from $20.6 million.

Inventory absorbed $53.1 million of operating cash over the nine months, against $15.0 million a year earlier. Operating cash flow still rose to $144.9 million from $84.1 million.

## The Samsung switch

The 10-Q says the FDA approved Samsung Biologics as Kiniksa's replacement contract manufacturer in June 2026\. Regeneron began a technology transfer of the drug-substance manufacturing process in 2023\. Kiniksa's minimum payments under its Samsung agreements total $179.1 million, of which $41.1 million falls due within one year.

Kiniksa has about $568.8 million in cash and short-term investments and no debt, [the company said](https://www.sec.gov/Archives/edgar/data/0001730430/000173043026000037/knsa-ex99d1.htm?ref=bullished.co) in its earnings release.

## Sales growth and the profit split

Kiniksa is a biopharmaceutical company focused on heart and blood vessel conditions. ARCALYST, a weekly injection for recurrent pericarditis, a painful inflammation of the sac around the heart, is its only commercial product. It licenses the drug from Regeneron and splits profits evenly.

Third-quarter net product revenue was [$286.0 million](https://www.benzinga.com/news/26/10/62619108/kiniksa-pharmaceuticals-q3-2026-earnings-call-transcript?ref=bullished.co), about 58% above a year earlier, and net income was $47.3 million. Collaboration expenses, mainly Regeneron's profit share, rose to $105.8 million from $63.3 million. The company raised its 2026 ARCALYST sales outlook to between $1.045 billion and $1.050 billion, from $980 million to $995 million.

The company's market value was $5.7 billion after Tuesday's report.

### Sources

- [10-Q Filing — Kiniksa Pharmaceuticals International (KNSA)](https://www.sec.gov/Archives/edgar/data/0001730430/000110465926119186/knsa-20260930x10q.htm?ref=bullished.co) — SEC EDGAR
- [10-Q Filing — Kiniksa Pharmaceuticals International (KNSA), Q2 FY2026 filed 2026-07-28 (comparison basis)](https://www.sec.gov/Archives/edgar/data/0001730430/000110465926087545/knsa-20260630x10q.htm?ref=bullished.co) — SEC EDGAR
- [8-K Filing — Kiniksa Pharmaceuticals International, filed 2026-10-22 (Items 5.02)](https://www.sec.gov/Archives/edgar/data/0001730430/000173043026000034/knsa-20261017x8k.htm?ref=bullished.co) — SEC EDGAR
- [Earnings release (8-K Item 2.02, knsa-ex99d1.htm) — Kiniksa Pharmaceuticals International, filed 2026-10-27](https://www.sec.gov/Archives/edgar/data/0001730430/000173043026000037/knsa-ex99d1.htm?ref=bullished.co) — SEC EDGAR
- [Kiniksa Pharmaceuticals International, plc GAAP EPS of $0.56 beats by $0.21, revenue of $286M | Seeking Alpha](https://seekingalpha.com/news/4657791-kiniksa-pharmaceuticals-international-plc-gaap-eps-of-0%5F56-beats-by-0%5F21-revenue-of-286m?ref=bullished.co) — seekingalpha.com
- [Kiniksa Pharmaceuticals International, plc (KNSA) Q3 Earnings and Revenues Surpass Estimates](https://finance.yahoo.com/healthcare/articles/kiniksa-pharmaceuticals-international-plc-knsa-115002734.html?.tsrc=rss&ref=bullished.co) — Yahoo Finance
- [Kiniksa stock jumps after Q3 2026 results (KNSA:NASDAQ)](https://seekingalpha.com/news/4658045-kiniksa-stock-jumps-q3-2026-results?ref=bullished.co) — seekingalpha.com
- [Kiniksa Pharma Shares Gain on Higher 3Q Profit, Revenue](https://www.marketwatch.com/story/kiniksa-pharma-shares-gain-on-higher-3q-profit-revenue-5cafb88f?ref=bullished.co) — MarketWatch
- [Kiniksa Pharmaceuticals Q3 2026 Earnings Call Transcript](https://www.benzinga.com/news/26/10/62619108/kiniksa-pharmaceuticals-q3-2026-earnings-call-transcript?ref=bullished.co) — benzinga.com

### More on Kiniksa Pharmaceuticals International

- [Kiniksa CEO On Deals With Cash Piling Up: 'The Bar Is Exceedingly High'](https://www.bullished.co/kiniksa-ceo-on-deals-with-cash-piling-up-the-bar-is-exceedingly-high-14512498/)
- [Kiniksa Sets Second-Half 2027 Data Date For Monthly Heart Drug, Eyes 2028-2029 Launch](https://www.bullished.co/kiniksa-sets-second-half-2027-data-date-for-monthly-heart-drug-eyes-2028-2029-launch-bd3bfaf1/)
- [Kiniksa Raises Arcalyst Sales Forecast To $1.045 Billion-$1.050 Billion As Quarterly Profit Climbs](https://www.bullished.co/kiniksa-raises-arcalyst-sales-forecast-to-1-045-billion-1-050-billion-as-quarterly-profit-553bcfd7/)

[All Kiniksa Pharmaceuticals International (KNSA) coverage →](https://www.bullished.co/tag/knsa/)